Say what???Nigeria Seeks Huge USD5.7bn External Loan!

Say it isn't so but it seems as though Nigeria  is requesting five .7 billion dollars in loan thanks to the oil slump. Omo!!

According to punch!!!

The Federal Government is seeking for external loans with a total value of USD5.7bn (N2.97tn) in order to ensure financing of infrastructure and other projects listed in the 2015 budget, ThePunch reports.

The search for foreign money becomes necessary due to an unexpected oil price drop in the end of 2014 and its negative impact on the economy of Nigeria.

The possible sources for the loan are the World Bank, the African Development Bank, the Islamic Development Bank and China Export-Import Bank.

The information on the borrowing plan was contained in a 28-page document titled ‘The Overview Of The 2015 Budget Proposal’, signed by the Minister of Finance, Dr Ngozi Okonjo-Iweala.

A correspondent of ThePunch had a chance to study its copy and found our the following:

– the debt service to revenue ratio is increased to 22% (19% in the 2014 budget);